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United Fire Group UFCS Commercial workers' compensation — Cumulative development

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Other financials

Income statement

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Revenue$369.4M+11.6%
Net income$30.1M+69.8%
EPS (diluted)$1.15+71.6%

Balance sheet

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Cash & equivalents$162.0M-11.8%
Total debt$146.3M
Total equity$950.6M+16.3%
Total assets$3.9B+10.8%

Cash flow

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Operating cash flow$56.6M+58.7%
CapEx$384.0K-84.6%
Free cash flow$56.2M+69.5%

Valuation

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Market cap$1.4B+90.8%
Enterprise value$1.38B
P/E10.7×+2.7×
P/S+0.4×

Profitability

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Net margin9.2%+4.0pp
FCF margin20.1%-5.4pp

Returns & leverage

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Return on equity14.8%+6.3pp
Debt / equity0.2×

Where this comes from

Reported directly by United Fire Group in its filing.

Tagged under the XBRL concept ufcs:ShortdurationInsuranceContractsCumulativeUnfavorableFavorableReserveDevelopmentNet.

The source filing: United Fire Group’s 10-K, filed February 26, 2026.

Filed
Feb 26, 2026, 12:49 PM EST
Fiscal year
FY2025
Accession
0000101199-26-000015
Line of business: Workers' compensation / Accident YearLine of business: Workers' compensation / Incurred losses and allocated loss settlement expenses, net of reinsurance / For the years ended December 31, 2016Line of business: Workers' compensation / Incurred losses and allocated loss settlement expenses, net of reinsurance / For the years ended December 31, 2017Line of business: Workers' compensation / Incurred losses and allocated loss settlement expenses, net of reinsurance / For the years ended December 31, 2018Line of business: Workers' compensation / Incurred losses and allocated loss settlement expenses, net of reinsurance / For the years ended December 31, 2019Line of business: Workers' compensation / Incurred losses and allocated loss settlement expenses, net of reinsurance / For the years ended December 31, 2020Line of business: Workers' compensation / Incurred losses and allocated loss settlement expenses, net of reinsurance / For the years ended December 31, 2021Line of business: Workers' compensation / Incurred losses and allocated loss settlement expenses, net of reinsurance / For the years ended December 31, 2022Line of business: Workers' compensation / Incurred losses and allocated loss settlement expenses, net of reinsurance / For the years ended December 31, 2023Line of business: Workers' compensation / Incurred losses and allocated loss settlement expenses, net of reinsurance / For the years ended December 31, 2024Line of business: Workers' compensation / Incurred losses and allocated loss settlement expenses, net of reinsurance / For the years ended December 31, 2025As of December 31, 2025 / Total of incurred but not reported liabilities plus expected development on reported claimsAs of December 31, 2025 / Cumulative developmentAs of December 31, 2025 / Cumulative number of reported claims
(Unaudited)
2016$70,419$66,575$61,648$55,168$53,964$52,870$53,090$53,617$53,574$53,430$955(16,989)5,696
201776,18469,52855,98251,87449,36247,80148,07447,94347,7091,164(28,475)7,988
201871,97267,88359,19256,10953,81354,78354,23853,818987(18,154)8,250
201952,13649,18949,33648,94549,08449,80750,749127(1,387)8,109
202045,36546,61243,72446,62445,52445,598(506)2337,453
202145,17742,28339,64940,28740,390132(4,787)4,599
202229,59726,72127,39827,7431,379(1,854)1,916

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

What is United Fire Group's commercial workers' compensation — cumulative development?
United Fire Group (UFCS) reported commercial workers' compensation — cumulative development of -$28.48M in Q4 2025.
How has United Fire Group's commercial workers' compensation — cumulative development changed year-over-year?
United Fire Group's commercial workers' compensation — cumulative development decreased by 0.8% year-over-year, from -$28.24M to -$28.48M.
What does commercial workers' compensation — cumulative development mean?
This metric tracks the historical variance between initial loss reserve estimates and the actual ultimate costs paid over time for workers' compensation claims. It provides insight into the accuracy of the company's actuarial reserving process and the stability of underwriting results.

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